How to Spot Major Gift Opportunities In Your Day of Giving Donor List

Day of Giving

Giving Day or Day of Giving is being adopted by more universities across the US every year. Day of Giving collections are also increasing. Cornell, for example, saw double the number of donors in one year. They’ve also raised over $7M in a single year, surpassing all their previous Giving Day records.

With each university starting their own version of this day, the importance of this day cannot be ignored. Let’s start with the basics and finish by analyzing how you can find Major Gift opportunities in your Day of Giving donor list.

What is Day of Giving?

Day of Giving is a specific 24-hour window in which a university accepts gifts from anyone, anywhere in the world. Gifts are given online, which means that alumni and other members of the institution’s community can lend support from anywhere.

Giving Days are becoming increasingly popular due to their viral and convenient nature.  Some universities leverage #GivingTuesday to run their Day of Giving campaigns. Yet, others have their own designated Giving Days.

These events also have an element of gamification. Each higher education institution sets up several giving challenges or goals that donors can reach. Accomplishing these goals gains them acknowledgment and recognition among the community.

For instance, the University of Chicago has various viral opportunities. They recognize their first donor, their first international donor, etc. They even have a Nobel Prize Challenge—asking donors to donate $91 to represent the number of Nobel Laureates who are part of their alumni diaspora.

Giving Day Success

Many WealthEngine clients have seen incredible success during their respective events. For instance, Boston University raised  $3.5M from 11,800 donors. Donors included alumni and other members of the BU community who donated from 50 different countries.

The time-sensitivity of these events creates a sense of urgency among donors. The viral/social conversations around them build a sense of community. Moreover, the ability to make donations online, especially to specific causes, makes it more convenient to donate.

Vanderbilt University recently raised $9.4M from less than 8500 donors. This shows that Day of Giving events are gaining traction and giving amounts are also increasing each year.

Lifetime Value of Giving Day Donors

Donor Lifetime Value is an estimate of how much you can expect a particular donor to contribute to your organization over their lifetime.

There are many factors that go into calculating what this number should be. Not only should you take into account a donor’s wealth indicators but you should also look at their propensity to give to your cause.

Giving Day donors are a unique set. They may differ from your other donors by being more spontaneous with their gifts. They may also donate sporadically over time. Furthermore, these events attract donors who may not come in through the typical fundraising pipeline.

The inconsistency or diversity of donors should not stop you from assessing their lifetime value. With the right engagement techniques, Giving Day donors can be put on the path to long-term membership. Click to learn more about calculating Donor Lifetime Value.

Hidden Major Gift Opportunity

When new donors come in through your Giving Day channel, use the opportunity to learn more about them. Wealth Screening can help you learn more about their wealth, lifestyle, interests, and affinities. Thus, screening can provide a 360-degree view of your Day of Giving donor list.

More importantly, screening your list can uncover gems you didn’t know you had. For instance, a major university that is a WealthEngine client found out that one of their low-level donors was capable of giving a Major Gift. Through screening, the university was able to determine the right ask. As a result, they have now received $5M from this donor.

In fact, Washinton & Lee University’s advancement team has said, “Our first six months of peer screening resulted in the identification of 284 completely new prospects with validated gift capacity ratings of over 100,000. We were also able to confirm and/or upgrade known prospects at equally high levels.”

Further, WealthEngine clients receive WE Insights, a free service that showcases what makes their donors unique.

average donor profile

 

Take Screening Data to the Next Level Through Modeling

Screening Data and WE Insights give you a more holistic picture of your Giving Day donors. However, you could take these insights to the next level through modeling.

A model is a specific formula created for your institution. This formula helps answer a particular question. Click to learn more about creating a model.

Modeling can identify Major Gift opportunities in your Giving Day list in three simple steps:

Step 1: Model your Past Major Gift Donors

Create a model to understand your existing Major Gift donors. The model will scan your database and divide it into 10 equal segments ranked by likelihood of Major Gift giving. You can use the top 10% or 20% of your donor base as the ideal sample.

This ideal group will have a set of common traits among them.

Step 2: Run Your Giving Day Donor List against the Major Gift model

Doing this will score each Day of Giving donor against your Major Gift formula. This will help you identify donors who resemble your Major Gift donors. Similar traits are a predictor of similar behavior.

Step 3: Prioritize Major Gift Donors from your Giving Day List

Those Giving Day donors with high match scores to your existing major gift donors should become a top priority. This means that these Giving Day donors have both the capacity and the propensity to give Major Gifts. You can then rank them based on their score and hand them off to your Major Gifts Officers for cultivation.

Get a Free “Test File” analysis of a segment of your Giving Day donors

Interested in learning more about the Major Gift potential in your Giving Day donor list? WealthEngine can provide a free test file analysis to show you what your results could look like.

WE Screen can add 50+ data points to your sample list of donors so you can understand their gift capacity range and propensity to give. Furthermore, WE Screen can add actionable information on lifestyle, demographics, interests, and affinities.  Screening data will be accompanied by a sample WE Insights report that will show you what makes your Giving Day donors respond to asks.

Simply fill out the form on the right and a WealthEngine rep will contact you about your free test file and WE Insights report.

Related Articles

University Fundraising: Use Modeling to Identify Overlooked Prospects

University sees 88% Reduction in Major Gift Donor Lead Time Through Data Modeling

University Fundraising: Use Modeling to Identify Overlooked Prospects

university fundraising

Did you know that your screening data can help you find overlooked donors? Wealth Screening is not a new concept in university fundraising. WealthEngine’s solution WE Screen has helped several higher education institutions understand their alumni base by appending a breadth of data. For instance, Northwestern University used WE Screen to enhance their development efforts.

Prior to the first parent screening, their Parents’ Fund raised approximately $500,000 annually. Within the first year of screening, they found that the Fund had doubled. Within four years, the Fund had almost quadrupled to $1.75M.

Screening is a great start. However, higher education fundraising has a little known secret that few educational institutions use. The secret is modeling. When you create a model of your past donors, you learn unique insights about your contacts. Continue reading “University Fundraising: Use Modeling to Identify Overlooked Prospects”

Fundraising through Modeling: Animal Rights Group Closes 7-Figure Donation

WealthEngine’s client is a global animal rights organization with 6.5 million members. About 13% of their member base actually consists of active donors. They found that while other members were aligned to their cause, there was hesitation to make actual donations.

Therefore, the organization made it their goal is to close the morality gap. This meant that they wanted a plan to convert their aspirational donors into actual donors.

Their consequent approach to development and advancement can be termed as Engagement Fundraising.

Engagement Fundraising includes assigning engagement scores to their member base and segmenting their base using ROI. They also conduct Donor Voice surveys where data from primary research is combined with screening data from WealthEngine. Screening data helps paint a holistic picture of their member base.

As part of their on-going engagement drive, the nonprofit conducts quarterly town halls. They report that these town halls have been great for conversion. Using a custom data model created by WealthEngine, the organization was able to efficiently move high net-worth prospects along on the donor journey model.

They could then create specific events for their list in cities where there is a high concentration of prospects.

The nonprofit’s prospect marketing automation is triggered by donor activity on its website. Automation categorizes their member base into new donors and legacy donors. New donors are batch screened so that their development team can understand their capacity, propensity, and intent.

Batch screening also helps the team understand the next best step. This step might not always be donation but generating awareness depending on where the donor is in their journey.

In four instances, WealthEngine was able to help convert donors or increase giving amounts.

1. Planned Giving

A survey revealed that a set of legacy donors would put the organization in their will. WealthEngine helped reveal that these donors were donating at the $500 level. Through WealthEngine solutions, the organization was able to identify 2500 such members who became prospects for planned giving.

2. Major Gifts

In another instance, WealthEngine’s custom major gift model helped the nonprofit close the morality gap. The model helped scan the organization’s donor base for major gift potential. As a result, 800 members with P2G 1 scores were converted into Vanguard Donors. 

3. 7-Figure, Multi-year Donation

The nonprofit was able to leverage WealthEngine’s P2G score to achieve a 7 figure major gift! They had a legacy donor by the name in their donor base who gave regularly gifts that ranged between $1000 and $5000 over the years. WealthEngine was able to identify her as a high-quality prospect for Major Gifts. The nonprofit then cultivated the relationship through personalization and was able to convert her into a multi-year donor at a 7-figure level.

4. Actionable Donor Segmentation

Understanding their customers led the nonprofit to have better segmentation and a more targeted strategy for each segment.

For instance, they found that millennials and Gen-Xers were social media savvy. This led them to encourage members from these segments to run birthday fundraisers on Facebook. The campaign was enabled by WealthEngine data that is granular enough to include details such as birth month. As a result of this insight, the organization was able to raise $250,000 through Facebook birthday fundraisers. Therefore, they were able to leverage its members’ networks to fundraise effectively within these segments. 

WealthEngine Customers: Get a Free Modeling Sample Using Your Data. Start now. 

University sees 88% Reduction in Major Gift Donor Lead Time Through Data Modeling

One of WealthEngine’s clients is a large, private, research university in the midwest with an international student body of about 12,000 students.

The university’s fundraising team had a plan in place for fundraising at all levels. However, Major Gifts were a challenge. WealthEngine’s Client Engagement Manager (CEM) suggested that they use wealth modeling as a solution.

The development team was skeptical at first. By explaining that WealthEngine could build a custom model for the university, the CEM was able to convince the Major Gift Officers to try it as a pilot program.

The custom model included categorical and numerical data chosen by the university with guidance from the CEM. Custom data from the university was able to generate a model that automatically identified the top 10% of their donors.

These were donors with gift capacities in the $100,000 range. Over 200 members were identified as top prospects for the university’s major gifts program.

The model instilled confidence in the development team. As the next step of pilot testing, their Major Gifts Officers called a random sample of 10 members from their list. To their surprise, all 10 members answered their call and had a conversation with them. Thus, their effort resulted in a staggering response rate during the pilot stage.

From the 10 phone calls, the university was able to have in-person meetings with 3 major gift prospects. Therefore, the pilot saw a 30% engagement rate. Major Gift Officers are now in serious talks with 2 of the 3 members for gifts at the $100,000 level, resulting in a 20% overall lead conversion rate.

The exercise has made the university realize that only the top 10% of their database has a gift capacity of $20 million. Their major gifts program, therefore, received a significant boost from the custom model developed by WealthEngine. What’s more? Their Major Gifts Officers were able to go from initial phone call to a conversation about actual gift amounts within 2 months. The model was able to cut down the lead time by about 88% compared to the industry average.

 

WealthEngine Customers: Get a Free Modeling Sample of Your Data.

Prospect Research Best Practices for Arts & Culture Fundraisers

Prospect Research Best Practices

As a development professional in the arts and culture sector, you may be looking for prospect research best practices. Today, fundraising is both an art and a science. While data drives decision making, there is also a subtle art involved in framing and timing the ask. With this in mind, here are 3 top best practices in prospect research for arts & culture fundraisers.

Our prospect research best practice recommendations combined with tailored solutions will help you:

  1. Increase prospect engagement through personalization
  2. Convert more ticket buyers into donors or members
  3. Let your best donors guide your prospect research

1. Increase Prospect Engagement Through Personalization

Personalization is a mantra that you will hear about often in the near future. This is a key prospect research best practice in the arts and culture sector. Most organizations generally have automated emails thanking someone for a low/mid-level gift. Even though this is common practice, it is not impactful.

Personalization is necessary to increase impact and engagement. Sustained engagement will encourage prospects to support your cause, thereby becoming donors. The messaging needs to be personalized regardless of the medium. For example, a handwritten letter or call from the Executive Director sent to high-level donors can ensure a deeper connection.

Prospect research can help you take this a step further. You can personalize communication not only based on giving history but also on giving capacity and other wealth factors.

WealthEngine can empower your prospect research to reach the right set of major gift donor prospects. We can help you decide if someone should be in an annual fund portfolio or major gift portfolio.

Our wealth intelligence goes beyond net worth to generate a holistic propensity score. Wealth screening can help you set your prospect research in motion and increase donation amounts across all giving brackets by optimizing your ask.

2. Convert Arts and Culture Ticket Buyers or Visitors into Donors

You may be familiar with the common struggle at arts and culture organizations – the difficulty of prioritizing between ticket sales and fundraising. Both are equally important to sustain the organization. However, with lean teams, one of these gets prioritized at the cost of the other. Most organizations that we speak with tend to do a great job filling the seats in a theater or getting a high volume of visitors. Ideally, all those ticket buyers/visitors would be donors or members. Although we recognize that this may not be the case right now.

It may seem like a monumental task to research every ticket buyer or visitor. But these visitors are your greatest prospects! Our next prospect research best practice recommendation can help convert visitors to life-long donors or members. WealthEngine has the capability to screen a ticket buyer at the point of sale and notify you so you can begin nurturing. Furthermore, our API will capture potential major donor prospects in real time.

For instance, if you have a new ticket buyer who conducts the transaction on your website. Our wealth screening solution combined with API can update you on their wealth, demographic and lifestyle information immediately. This allows your team to identify prospects who have not only the capacity to give but also the propensity and intent.

The broad nature of this type of prospect research will give your team the ability to roll out the red carpet. Top prospects can be given the platinum experience before and after any event. This level of personalization would enable the visitor to become better engaged with your organization, creating a strong case to become a donor.

3. Let Your Best Donors Guide Your Prospect Research

In our experience, we have found that a lot of organizations have a solid set of low and mid-level donors. A lot of these donors have not only greater gift capacities, but also the interest and motivation to give.  They can easily be leveled up to ensure that there is no money left at the table. As a prospect research best practice, it comes down to perfecting the ask. 

There are two ways to increase the number of high-level donors:

  • Optimize your ask. Don’t forget that prospect research can still be applied to your current donor base! Prospect research allows you to determine the capacity, propensity, and intent of donors and prospects. Use the insight from prospecting to ensure that gifts from your current donors match their capacity and propensity.

Our demographic, lifestyle, interests, and affinity data can help gift officers with this best practice. Fundraisers can maintain a meaningful dialog with donors and prospects as part of the nurturing process.

  • Find new high-level donors. In-depth prospect research allows you to do a deep dive into your donor base and identify patterns of traits among your high-level donors in order to find more prospects like them. WealthEngine’s analytical and predictive modeling solution can build models based on your top donors.

Our prospecting solution uses insights from these models to find more high-level prospects. This way your best donors can help you find your next best prospects!  In one such instance, our client went from raising $400k at their gala to $7.8M in 3 years. They were able to accomplish this by using WealthEngine to identify other prospects modeled after their top donors.

***

Take your prospect research to the next level, contact us to learn more.

We hope these prospect research best practices set you up for year-round arts and culture fundraising success! Contact us to learn more about how our solutions can help you perfect your prospect research. Fill the form on the right and a WealthEngine rep will contact you very soon.

You may also like our other articles on prospecting:

Predictive Prospecting: Profiling Your Best Clients to Find New Prospects

Prospect Automation: Why Old Ways of Prospecting Will No Longer Deliver Results

 

 

Capital Campaigns: Fundraising Strategy for Nonprofits

fundraising strategy

Strategic campaign fundraising is typically dependent on the structure of your capital campaign gift pyramid and your understanding of your donors. Once you’ve structured your gift pyramid, and you begin approaching existing and potential donors, it’s important to balance your need to procure gifts with your ability to connect with your donors. But, how do you effectively communicate with existing or potential donors? Here are three fundraising strategies for your nonprofit to use during the campaign fundraising process.

Sequential Solicitation

The primary fundraising strategy for all nonprofits when carrying out a capital campaign is sequential solicitation. Sequential solicitation is a guide, outlining the order in which you should receive gifts from lead donors to meet your campaign fundraising goal.

It’s important to secure your largest gifts first, and then work your way down the gift table, receiving smaller gifts towards the end of your capital campaign. Once you’ve achieved 50 to 70% of your goal (which you should complete during the Silent Phase), you can then make your capital campaign public and receive gifts from the community you’re serving.

Although campaign stalls can stem from internal campaign issues, such as an overworked staff, the most common reason is the failure to follow sequential solicitation. This is based on the four axioms of campaign fundraising:

  1. The ten largest gifts set the standard for the entire campaign
  2. Not following the top-down structure lowers giving sights across the board
  3. Extended solicitation at lower levels will not offset major gaps in upper ranges
  4. Once the first big gift sequence has been seriously violated, the entire program is in jeopardy

Approaching Potential Donors

Although the sequential solicitation model is in place, you may be wondering: how does it look in practice? Where do I start? That leads to our next fundraising strategy for nonprofits, which is an extension of sequential solicitation. Typically, there are 5 steps to sequential solicitation to help you approach potential donors:

  1. Inquire. First, you want to build a prospect list, or leverage Wealth data, to identify the right people who can provide funding to your campaign. Once you’ve identified potential donors, it’s important to conduct external and internal research to assess each group or individuals capacity and propensity to give.
  2. Plan. Once you’ve identified and researched potential donors, it’s time to figure out how you’ll engage with your donors. Besides outlining your intentions and goal, ask yourself: what aspect of the campaign would appeal to them? Is this appealing enough to gain their commitment?
  3. Cultivate. Now that you’ve considered the ways in which your donor might contribute to your goal, it’s time to probe. By bringing your potential donor closer to your cause, you’re able to show them what you’re doing and what you’re intending to do. In doing so, they may end up committed to your work and want to help.
  4. Procure and Secure. The time has come to explicitly request support and secure the contribution from your donor. If your donor has decided contributed, it’s your responsibility to follow up on the details in receiving the contribution. How much is the proposed donation? When the donation will be mad?; How will it be made?
  5. Express Gratitude. You’ve planned, engaged your donor, and have received your gift. Now what? It’s imperative to acknowledge the importance of your donor’s contribution, and their influence on your work at large. By creating a connection with them, and expressing your appreciation not only for their contribution but of them as an individual or organization, your donor may feel inclined to give later on.

Appealing to the Motivations of Donors

Our final fundraising strategy for nonprofits is identifying, understanding, and acting upon the motivations of donors. Now that you’ve structured a way to collect gifts, and how you can successfully approach potential donors, it’s important to understand the motivations of your donors. Generally, there are four types of motivations:

  1. Philanthropy. Donors with philanthropic motivations want to help change the world.  
  2. Connection. Donors motivated by affinity are those who wish to be connected to a cause that has similar values to their own.
  3. Reciprocity. Donors motivated by mutual benefit seek to help organizations that will, in return, provide them with some advantage.
  4. Social Consciousness. Donors with social motivations don’t simply want to contribute to a cause. They want to be part of a community.

By identifying their values, you’re able to create targeted messaging or find other ways to effectively communicate with donors. Not only will this help you with your existing or inherited campaign, but depending on the connection you forge with other groups or individuals, they may feel inclined to support and contribute to future projects of yours.

Get your campaign started today. Fill the form on the right to speak with a WealthEngine expert.

Using Big Data and Fundraising Data Analytics for Marketing

fundraising-data-analytics.png

The evolution and growth of big data is transforming the way we market and connect with donors and prospects. But, what does this data mean for commercial non-profit markets, and how can it be leveraged? Let’s explore how big data and fundraising data analytics is influencing our practices, and how we can navigate through this new space effectively.

What is Big Data?

Ask 10 people, and you may get 10 different answers. Big Data can generally be defined as data from multiple sources, combined in ways to make it informative and actionable. By combining data from disparate sets, patterns and insights emerge, and this actually creates more data! As we recognize patterns and trends in the data, these relationships, not previously a part of the data set, become new bits of data ripe for mining and analysis.

As time goes on, bigger data sets are also generated because information is being collected from social media, smart phones, cameras, satellites, remote sensors and other newly emerging technologies. 90% of the world’s data today has been created in the last 2 years alone. Every day, we create an estimate of 2.5 quintillion bytes of data. That’s 2.5 with 17 zeroes behind it! Needless to say, there’s an enormous amount of data that marketers or fundraisers can take advantage of.

What does Big Data mean to the marketer or fundraiser?

 

To the fundraiser or marketer, Big Data is the ability to see each consumer or prospect in a 360-degree view, and to personalize messages and interactions with that individual to create the ultimate purchasing or donating experience. We all know relationships are the key to successful marketing. Making sure that our prospects have the best experience they can have with our organization, whether it is a luxury brand selling luxury goods, or a nonprofit seeking funding for their mission, will improve their results.

One of the key buzzwords in marketing these days is “relevance.” Companies and organizations are generating content and practicing content marketing, but the key to making content marketing work is to be sure that the content we put forth is relevant to the audience we are targeting. That’s where  fundraising data analytics and big data comes in. Knowing your customers’ likes and dislikes; buying and donating behaviors; relationships with others in your universe; and most importantly, their wealth, and buying or investing power, allows you the ability to make your messages truly relevant on an almost individual basis.

How can I harness the power of Big Data?

So, given the high volume of data points generated, and the barriers to accessing and processing all these points, how can marketing or fundraising professionals reap the benefits of Big Data? To leverage fundraising data analytics, and big data, the fundraiser and marketer must:

  • Capture
  • Curate
  • Transform
  • Normalize
  • Parse
  • Combine
  • Analyze
  • Report, and
  • Visualize

These actions and activities would require more resources than most small to mid-sized businesses have on hand. So how can the small shop leverage  big data? How can the mid-sized nonprofit use fundraising data analytics to continue measuring the relationship between investment and fundraising?  How can this data be utilized without investing inordinate resources on data collection, curation, and analysis?

Selecting the right Big Data Partner

The answer is finding the right partner. Choosing the right Big Data partner can make your marketing and fundraising messages resonate with your unique audiences. When you’re shopping for a data partner, consider the following questions:

Does this partner understand wealth?

While behavior is an important element, wealth is the true driver for both purchasing and donating.  Does this partner have experience curating data?  For all of us who have tried to merge two spreadsheets of different sizes, or import data into an existing structured CRM, or transform text into numeric data, we can begin to glean the many challenges of working with huge data sets that require many steps to massage into a meaningful whole.  It’s beneficial to work with a Big Data partner who routinely works with data sets of all types and sizes.

Is the potential partner willing to work with you to select the data you need to append, and to customize a data solution for your needs?

Too much data can be as bad as not enough data.  Make sure you get the right fit by selecting a partner who can assist by understanding your needs and providing a customized solution. It’s equally important that your partner is leveraging resources that allow you create a wealth search and help you understand a potential or existing donor’s capacity to spend, invest, or give.

Does the partner add value?

Data is the foundation for knowledge and insight, but you need a partner with a robust analytics understanding who can add value to your data with ratings and scores, predictive modeling, clustering analysis and other techniques.  Analysis is where the true value of data is derived.

Will the partner work with your data?

Much of your most valuable data resides in your own CRM or DMS.  By combining the data you have with additional Big Data sets, you can extract the most value. Having a partner who can work with both, and who understands your business needs and challenges will reap the best results.

Does the partner have all the data you need?

Shopping piecemeal for data is time consuming and difficult.  So finding one partner who has wealth, demographic, lifestyle, behavioral, and biographic data at the individual and household levels. This can parse, normalize, and combine all your data points, and saving you hours of aggravation.

 

Organizations of any size and any level of data competency can harness the insights of fundraising data analytics with the right partner. If you’d like to learn more about the power of  fundraising data analytics, contact us to speak with one of our experienced consultants.

5 Reasons To Get Your Nonprofit Prepared For #GivingTuesday

If you are a fundraiser, it’s definitely no surprise to you that the time for year-end fundraising is right around the corner. Even if you are close to hitting annual targets, #GivingTuesday is a huge opportunity to boost your efforts and help you exceed your goals.

With #GivingTuesday fast approaching, you can enhance your year-end fundraising by reminding your donors and prospects to participate? But, that begs the question: is #GivingTuesday appropriate for every nonprofit?

For  most nonprofits, if your year-end fundraising could use a boost, then a #GivingTuesday campaign can provide your nonprofit with the lift it needs. So, what are the benefits of participating in #GivingTuesday? There are five primary advantages of involving your nonprofit in #GivingTuesday:

1. Global Presence and Relevance

#GivingTuesday has gone beyond what is referred to as #activism. Everyone from Bill Gates to Reese Witherspoon engages in #GivingTuesday and encourage their followers to give on this day.

The movement has also found a global following through social media. This provides nonprofits with the potential to gain exposure and donors worldwide.

2. Seasonality and Generosity

Overtime, the holiday season has become more and more commercialized. While consumers spend significantly during this time of year, there is also a growing sentiment of generosity among many. #GivingTuesday is strategically placed after Thanksgiving when families have come together, felt grateful for what they have, and realized that not everyone is afforded the same lifestyle and experiences.

At a time like this, when sentiments are high, even small prompts or reminders to make a difference can create a significant impact.

3. Growing Public Conscience and Purpose

It’s true that the holidays are a time of giving and generosity. However, data has also shown that high net-worth individuals, especially millennials and younger generations, are driven by meaning and purpose. They believe in associating with brands that are responsible, and organizations that care about communities and causes.

With this outlook, HNWIs are bound to be aware of #GivingTuesday and its impact. Your nonprofit could leverage their sentiments by providing them with a convenient platform to get involved. Think of it this way, if you are not involved in #GivingTuesday, you may be losing out on individuals who are not only supporters of your cause but who may be likely to donate.

4. Significant and Growing Impact

Besides the sentimental significance of #GivingTuesday, there is no ignoring the financial significance. Last year on #GivingTuesday, nonprofits raised nearly $274 Million across the country. That was a 50% increase compared to 2016.

This year, the day has even greater potential to make a difference to organizations like your nonprofit and the communities and causes you represent.

5. Gateway for New Donors

One doesn’t have to be the ‘philanthropic’ type to participate in #GivingTuesday. The social media-powered movement has been getting the attention of people across the world whether they are usually involved with giving to causes or not.

A #GivingTuesday campaign is a great way for your nonprofit to reach not only new donors but also different types of donors who you wouldn’t normally reach through capital campaigns or  major gift programs. #GivingTuesday is about making small contributions as much as it is about making major gifts. You  have the ability to reach a wider range of prospects who can become recurring donors or long-term supporters of your organization through continued engagement.

We hope you find that these reasons resonate with your organization. There is a compelling case for creating a #GivingTuesday campaign whether it is a month-long omnichannel undertaking or a simple email to remind donors and prospects about this day.

Now that you know whys behind this event, join us for our Webinar on Thursday, November 15 from 1-2 PM ET to learn how you can plan #GivingTuesday promotions. 

Recurring Donors: Why you need them and how to get them

recurring donor

Salesforce and NextAfter hosted a webinar about the benefits of Recurring Donors. These donors can be a source of great value to nonprofits over time.

Recurring Donors vs. One-Time Donors

The 2018 Benchmark Report presented by NextAfter revealed interesting differences between the two groups. Recurring Donors are worth 5.4% more than One-Time Donors over their lifetime. In fact, in a single year, Recurring Donors give 42% more than One-Time donors. The longer the measurement period, the greater the gap in donations between them.

Your Recurring Donors are most likely those that donate monthly. Some organizations call them members as regular contributions are like a subscription.

Recurring Donors are more likely to stay engaged with you beyond their first year. This means you can expect to build a long-term relationship with them.

Why You Should Invest in Acquiring and Converting Recurring Donors

LTV is the most important metric in fundraising. Yet, it can be overshadowed by the value of a single donation.

According to NextAfter, LTV = amount given x time they keep giving

Development teams dedicate fewer resources to Recurring Donors. This is in spite of the fact that they generate a higher LTV.  The long-term relationship with a Recurring Donor makes planning and forecasting more predictable. Thus, your investment towards Recurring Donors should match the value generated by them.

More Recurring Donors in your database means greater savings. The longevity of their engagement means that you don’t have to keep spending on acquiring new donors. One-Time Donors usually cost more to convert as you have to do it many times over.

Additionally, studies have shown that nonprofits benefit the most from donations in installments. These are more valuable than upfront payments or waiting to accumulate larger sums.

From the donor’s point of view, it can be beneficial in two ways. Firstly, frequent giving lengthens the satisfaction received from the act. Research has shown that higher value contributions don’t always make for greater satisfaction. Secondly, there has been an overtaking of subscription models such as Netflix, Zipcar, etc.  Consumers are used to regular payments going out in smaller installments that seem less burdensome.

This means you can leverage this mutually beneficial arrangement. You can receive predictable payments in installments and provide greater satisfaction in exchange.

What to do Next

WealthEngine solutions help you find Recurring Donors from your database. We understand a person’s capacity to give, as well as propensity and intent. Our Wealth Intelligence comes from wealth data combined with demographics, lifestyle attributes, and affinities. This means you can see what causes your prospects support and how they support them.

WE Analyze can, in fact, help you examine your current Recurring Donors to identify patterns of traits. You can then create a custom model from these patterns. Further, the model helps you find more members using our Look-Alike tool.  This means your existing Recurring Donors can help you find new ones.

How to Acquire or Convert Prospects into Recurring Donors

A Recurring Donor is likely to stay with you if they remain engaged with your organization. The Benchmark Report has found that 38% of nonprofits have the same strategy for Recurring Donors and One-Time Donors. It pays to have a dedicated strategy and dedicated resources for Recurring Donors. Moreover, it is beneficial to have a separate value proposition for Recurring Donors.

You should pair a strong value proposition with a strong CTA (call-to-action). For instance, research has shown that “donate” is the most effective button to have on your website.  Recurring Donors should be able to understand how their contributions make a greater impact on your cause.

NextAfter says that there are other, universal best practices to consider:

  • Optimize your donation form so that it is short
  • Accept several forms of payment
  • Use multiple channels to communicate your message
  • Ask all new donors to become members. The momentum can push them to continue giving
  • Remind existing donors to sign up for a membership. This works even though it may seem counterintuitive

Customize Communication for Recurring Donors

Messaging should be more focused on cultivation rather than solicitation.

WealthEngine solutions can help you with this. We can help you keep existing donors engaged and convert them in real-time through our API. WealthEngine’s API allows you to feature on the spot messaging when a current donor engages with your channel. What’s more, the API integrates with Salesforce. This means you can cultivate Recurring Donors without added investments in technical infrastructure.

Learn More

Learn more about how you can convert your one-time donors into members. Fill the form on the right and a WealthEngine rep will contact you very soon.

Further Reading

WealthEngine Aware

How to Calculate Donor Lifetime Value to Predict Future Donations

Leverage Storytelling to Boost Year-End Fundraising

Are you a fundraiser for a cause or advocacy group that supports human rights, animal rights, or sustainability? Then you know that year-end giving can be crucial to your fundraising success.

Over a quarter of nonprofits studied by NonProfit Hub reported that 26-50% of their fundraising success can be attributed to year-end giving. A majority of nonprofits begin planning in October to execute year-end asks and marketing in November. Now is the time to get a head start on year-end activities and kick your fundraising plans into high-gear starting right now!

Getting started can definitely be a challenge. Several organizations struggle with understanding the right way to communicate their year-end ask. Once you have identified your donor or prospect list with the highest potential, it is important to communicate with them effectively.

Most nonprofits send two touches at the most during this season in order to avoid overwhelming their prospects. While this frequency may be enough to get their attention, you have to ensure that your message does not get lost in the clutter.

Employing storytelling tactics can be a more effective way to get your message across and cut through the clutter.

Why Storytelling is Effective for Year-End Communication

  1. Emotional Appeal– It all comes down to logic vs. emotion. An emotional appeal is more likely to be memorable. Prospects are surrounded by logic and it is easy for them to rationalize their way out of making a year-end contribution. Evoking an emotion makes them feel more compelled to make a difference to the community or animals being affected.
  2. Empathy– A story has the power to humanize your cause. Stories about animal rescue, preservation, or community upliftment have the ability to generate empathy in your prospects. They can find themselves relating to your story, making your year-end ask much stronger.
  3. Narrative Form– A story has dips and curves, a before and an after making it gripping for its readers or listeners. If you have a strong opening, you are more likely to keep your prospect engaged during your communication.
  4. Imagery– Words can create strong mental images, better yet they can be supported by actual images of the cause. Images make for a more visual appeal and visuals make messages more memorable, therefore creating a lasting impact.

Now that we understand the ‘whys’ of storytelling for fundraising, we need to understand the ways in which we can ensure that your communication makes the lasting impact that can resonate with a donor even after he or she has engaged with your message.

How to Optimize Storytelling to Boost your Year-End Fundraising

People tend to be more emotional around the holidays. This means that they are also more likely to feel generous during this season. The following ways will help ensure that your communication appeals to their spirit of generosity in the right manner.

  1. Communities- First and foremost, focus on the communities impacted. If your sustainability efforts have impacted the health of a particular community, if your organization has provided a platform or voice for a marginalized group of people, or if your impact has changed the lives of animals for the better; tell the story from their perspective.
  2. Authenticity- Use real images in your stories, be authentic. Use a voice that fits with your organization and its vision. Stock images or facts and figures have a way of taking away from the impact of your story.
  3. Testimonials- Take narratives from impacted communities to the next level by including actual testimonials from community members. Tell their stories in a way that showcases their lives before and after the impact of donations. Testimonials can add to the authenticity of your message. Using video can be especially powerful here as it can increase the level of engagement with the storyteller.
  4. Work in Progress- Even if you have projects that are still in process, share this with your prospects. Show them how far you have come, how much of a difference you have made. Include them in your plans, this is a great way to make an appeal. This provides a platform for you to show your prospects how their donations can help you get closer to your goal. Work in progress can create a sense of urgency in your prospects, especially when you tie your goals to end-of-year deadlines.
  5. Find a Hero- Telling the story from the perspective of impacted communities can be very strong. However, another technique for year-end asks is making your prospect the hero of the story. This can be used to show past donors the impact of their contributions and the potential difference that a future donation could make. Showcasing them as a central figure can prove to be inspirational. Donors gain great satisfaction from acknowledgment, this can be heightened during the holiday season, making them a hero and acknowledging their impact can help crystallize your message in an extremely effective way.

We hope these reasons for leveraging storytelling and our best practice tips help boost your Year-End Fundraising.

Learn More

Learn more about finding your top prospects and the stories that will deliver the most impact on them. Fill the form on the right and a WealthEngine rep will contact you very soon.